21.10.202213:23 Forex Analysis & Reviews: XRPUSD challenges $0.40-$0.42 support.

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Red lines- Fibonacci retracements

Green line- resistance (broken)

XRPUSD is trading around $0.43. Price provided a bearish signal when it got rejected at the 38% Fibonacci retracement. Back then we warned traders that price was vulnerable to a move towards $0.40. Price is approaching the September 28th low and a break below it would be another sign of weakness. Bulls need to see price form a higher low and then turn higher to break above the 38% retracement resistance. The most important key level for the bullish scenario is the resistance at the 38% retracement. Only if and when this level breaks, bulls should expect a strong move higher.

Alexandros Yfantis
Analytical expert of InstaForex
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